Just prior to going to press with this week’s newsletter, Reuters has reported that legislation extending tax credits for the solar industry gained new life on Wednesday as U.S. Senate leaders said they plan to attach the tax bill to a $700 billion economic rescue package.
The Senate is expected to vote on Wednesday night on this modified version of the bailout package, which failed to pass the House of Representatives earlier this week. Senate Finance Committee Chairman Max Baucus said that with the addition of the tax incentives, the bill would help average Americans, as well as Wall Street.
Vishal Shah, formerly working for Lehman and now for Barclays Capital, commented, “Our Washington team believes Senate leaders may add renewable energy tax credit extensions to the bailout bill and send it to the House for a possible vote on Thursday. While uncertainty has been proven so far this week, the new bailout proposal is designed to pass the hurdle in the House,” in his Solar Daily investment news.
Stay tuned for more information later in the week.